Tangany and Hex Trust now added as keyholders on Tezos’ tzBTC

2021-8-14 14:05

Two custodians, Tangany and Hex Trust, have become keyholders on Tezos’ Wrapped Bitcoin bzBTC ecosystem. Tangany is a while-label custodian for digital assets like Ethereum, Bitcoin, and Security Tokens. On the other hand, Hex Trust, with headquarters in Asia, is a digital asset custodian for the banking sector.

Hex Trust has announced we have joined the #tzBTC ecosystem as keyholders, responsible for the custody, minting and burning of tzBTC. tzBTC allows users and applications to directly transact in BTC) on the #Tezos blockchain.https://t.co/56JMLMiDqW

— Hex Trust (@Hex_Trust) August 13, 2021

tzBTC is a wrapped Bitcoin that gives apps and users the ability to carry out Bitcoin (BTC/USD) transactions on the Tezos network. This enables the brand and liquidity of Bitcoin to be brought to the Tezos ecosystem.

As keyholders, their primary task will be to ensure that the tzBTC-BTC peg holds,” Tezos’ said in a press release.

Tangany and Hex Trust join other keyholders

The addition of Tangany and Hex trust is coming after Inacta, LEXR, and Mt. Pelerin were added in the recent past. Apart from the three initial keyholders, tzBTC is also monitored by the Bitcoin Association Switzerland.

They will now combine to take care of the burning, minting, and custody of the tzBTC. During Tezos’ recent forkless network upgrade, tzBTC was included as a liquidity baking asset.

Hex Trust has made a name for itself in Asia, becoming the most popular asset custodian in the region. It provides different digital assets and baking services. On the other hand, Tangany is a top Europe-based digital asset custody provider. It offers clients and partners the opportunity to explore digital asset and blockchain-based solutions.

Tezos grows as user adoption increases

The Tezos ecosystem has been one of the most successful Layer 1 protocols in the crypto sphere. It has also been on its longest-running proof of stake networks. The network has been praised for its on-chain governance, ease of use, and energy-efficient design.

These top features made it one of the most popular projects among users. Tezos’ network activity has also skyrocketed, rising by as much as 1,200% this year alone.

The post Tangany and Hex Trust now added as keyholders on Tezos’ tzBTC appeared first on Invezz.

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